International payments in India, particularly for small businesses, have traditionally been not smooth enough to match the speed and lucidity of domestic payments. As India takes significant forward strides in the banking sector, domestic payments in particular, the expectations around a similar speed and simplicity around international payments have also been growing.
Some progress is being already made and things are on a fast track for further improvement. Mastercard’s ‘Mastercard Move’ is a cog in the juggernaut, a significant one, that is accelerating the redefining of global, as well as domestic, payments in the country.
For Khowala, life has come a full-circle. He is central to Mastercard’s efforts, heading Mastercard Move, a platform enabling money to move domestically and across borders in more than 200 markets-ensuring every international payment, inbound or outbound, is not a struggle.
Before we delve into what Mastercard has been doing to accelerate the progress, in India, it is important to know the driving force, the man behind the efforts.
The leader
Khowala has taken on end-to-end responsibility for Transfer Solutions at Mastercard, in 2025, covering strategy, partnerships, operations and financial performance after building his career as a Chief Financial Officer (CFO) for over 25 years, responsible for capital allocation, portfolio strategy, and governance across banking.
Khowala’s journey, however, has not been a “run-of-the-mill” one. He did not keep climbing the ladder, instead, he took a step back at the peak of his career to run a business, with the intent to get into the thick of the things and not read numbers from outside.
He believed this was the best way to become the kind of leader he wanted to become.
Khowala grew up in a small town in eastern India, with the usual pressure of joining the civil services. “It was a huge expectation and the fact that I stepped away from this usual path was seen as a mistake,” Khowala said.
Pivoting from engineering to commerce, and later into chartered accountancy, his career has spanned globally in India, Dubai, Singapore, United States, with roles at Barclays, Citibank and Mastercard.
Along the way he has carved a reputation for himself, for navigating highly regulated markets and delivering results, with a leadership philosophy pivoted by four principles: own your career, stay outcome driven, embrace technology early, and build trust,”
The leadership
With a deep understanding of the pain points in cross-border payments which consistently show everywhere-including slow processing times, high costs and limited transparency because of multiple intermediaries, Khowala has strategised to focus on working closely with banks, fintechs, and regulators to build compliant and scalable solutions at Mastercard.
He has started with inbound flows, where Mastercard already has scale, and expanded into outbound payments-for SME’s and International education in particular.
Khowala asserts that the ultimate goal was infrastructure that is undetectable because it works.
“When systems work, people shouldn’t have to think about payments at all,” he believes, “At Mastercard Move, our India strategy is focused on working closely with banks, fintechs and regulators to build compliant, scalable solutions. We’re starting with inbound flows, where we already have scale, and expanding into outbound payments, particularly for SMEs and international education,”
Khowala further said that India’s cross-border trade is a $1.8 trillion economy, growing at around ten percent annually, however, for smaller exporters, moving money can still involve multiple intermediaries, delays and limited visibility on fees or FX.
“We’re delivering this strategy through local, regulated partners who bring modern infrastructure directly into existing banking and fintech channels. Glomopay, India’s first IFSCA-regulated payments infrastructure, is one example – it has partnered with Mastercard Move to streamline payments for overseas education, professional services and SME trade,” he said.